Canadian largest bank launches online loan service based on fintech

27 October 2016

One of the Big Five banks in Canada, Toronto-based Canadian Imperial Bank of Commerce (CIBC) in cooperation with the fintech startup Borrowell are introducing the new service for the clients of the bank. Under the terms of the partnership the CIBC will be implementing the technology from Borrowell for providing online loans to consumers in a matter of one click of the mouse.

The initiative comes as a move to improve customer experience and simplify the sophisticated process of loan provision. Clients will access the loans up to 35,000 dollars directly to their account with the CIBC bank next day after the application filed online.

The service will be only accessible for privileged customers of the bank at the initial stage of the trial. Customers will be able to upload their documents required with the application directly on the website for verification.

After the consumer comments and positive response the bank will consider the launch of the service for the wider audience, as noted by the bank executive. The bank introduces the online lending initiative within the framework of its ambitions strategy to develop fintech approach to the services provision.

The bank executive further adds that the cooperation with the financial technology company Borrowell gooes in line with the bank’s vision to make the borrowing process based on the advanced technologies thus enhancing the client experience and at the same time managing all arising risks.